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Registered Number: 10837298
England and Wales

 

 

 

PROGRESSIVE MINDZ LTD


Abridged Accounts
 


Period of accounts

Start date: 01 July 2022

End date: 30 June 2023
Chartered Management Accountants' report to the board of directors on the preparation of the unaudited statutory accounts Progressive Mindz Ltd for the year ended 30 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Progressive Mindz Ltd for the year ended 30 June 2023 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com.

This report is made solely to the Board of Directors of Progressive Mindz Ltd , as a body, in accordance with the terms of our engagement letter dated 11 March 2024. Our work has been undertaken solely to prepare for your approval the accounts of Progressive Mindz Ltd and state those matters that we have agreed to state to the Board of Directors of Progressive Mindz Ltd, as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Progressive Mindz Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Progressive Mindz Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit Progressive Mindz Ltd. You consider that Progressive Mindz Ltd is exempt from the statutory audit requirement for the year

We have not been instructed to carry out an audit or a review of the accounts of Progressive Mindz Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.


T&K Accountancy LLP
69 Banstead Road
Carshalton
SM5 3NP
11 March 2024
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 2,975    2,968 
2,975    2,968 
Current assets      
Debtors 49,933    10,293 
Cash at bank and in hand 23,783    52,070 
73,716    62,363 
Creditors: amount falling due within one year (72,788)   (113,471)
Net current assets 928    (51,108)
 
Total assets less current liabilities 3,903    (48,140)
Creditors: amount falling due after more than one year (37,170)   (42,052)
Net liabilities (33,267)   (90,192)
 

Capital and reserves
     
Called up share capital 4 100    100 
Profit and loss account (33,367)   (90,292)
Shareholder's funds (33,267)   (90,192)
 


For the year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the profit and loss account has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 11 March 2024 and were signed by:


-------------------------------
Yogagiri Yogendran
Director
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General Information
Progressive Mindz Ltd is a private company, limited by shares, registered in England and Wales, registration number 10837298, registration address 73 WROTTESLEY ROAD, LONDON ENGLAND, SE18 3EW.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
It is company's policy not to depreciate Fixed Assets during the first year of trading.
Fixtures and Fittings 25% Reducing Balance
Computer Equipment 25% Reducing Balance
2.

Average number of employees

Average number of employees during the year was 3 (2022 : 4).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Total
  £   £   £
At 01 July 2022 4,589    613    5,202 
Additions 390    373    763 
Disposals    
At 30 June 2023 4,979    986    5,965 
Depreciation
At 01 July 2022 2,002    232    2,234 
Charge for year 653    103    756 
On disposals    
At 30 June 2023 2,655    335    2,990 
Net book values
Closing balance as at 30 June 2023 2,324    651    2,975 
Opening balance as at 01 July 2022 2,587    381    2,968 


4.

Share Capital

Authorised
100 Class A shares of £1.00 each
Allotted, called up and fully paid
2023
£
  2022
£
100 Class A shares of £1.00 each 100    100 
100    100 

3